301 Inc., the venture capital arm of General Mills, on April 3 announced an investment in Purely Elizabeth, "a natural, nutrient-dense granola company that has seen rapid success," as General Mills put it.
General Mills did not specify the size of the investment but Fortune magazine online put it at $3 million. Purely Elizabeth makes muesli, oatmeal, cereals and other breakfast foods, including some using ancient grains, and already has some distribution.
“With an identity that I consider more ‘lifestyle’ than ‘breakfast,’ I’ve always envisioned taking the brand to the next level and into new market categories," said Elizabeth Stein, founder and CEO of Purely Elizabeth. "I feel 301 Inc. is a great strategic and cultural fit to help us achieve that.”
"301 Inc. builds breakthrough partnerships with emerging brands to accelerate their growth," said a General Mills statement. "But it’s more than just providing investment capital. 301 Inc. provides the wealth of resources and expertise that comes from being General Mills. This helps early-stage entrepreneurs navigate the vast and complex world of food."
Purely Elizabeth is the eighth company 301 Inc. has invested in since General Mills unveiled the new-business development and venture capital unit 18 months ago. The others are Beyond Meat, Rhythm Superfoods, Kite Hill, Good Culture, Tio Gazpacho, D’s Naturals and Farmhouse Culture.